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Keep me informedMay 16, 2023 Max Deacon
We recently published an article setting out the value and functionality that underwriter workbenches can bring to carriers. In this article we consider what it takes to make an underwriter workbench implementation really work.
The implementation of underwriter workbenches is inherently complex. This complexity comes not only from the technology implementation but the need to drive significant behaviour change in, primarily, the underwriter community. In our experience carriers give insufficient focus to this change management aspect. To be successful, carriers need to put significant focus on the softer aspects of delivery. Without addressing these factors, carriers fall short of achieving the desired loss and expense ratio benefits.
These softer aspects are important both at a strategic level (e.g. leadership, strategy, vision and value) as well as a tactical level (e.g. aftercare, iterative improvement and communication). The infographic below outlines key considerations for carriers to ensure any underwriter workbench delivery is successful.
Underwriter workbenches: Lessons from the road
At Oxbow Partners we have extensive experience of designing and implementing underwriter workbenches. If you’re looking to implement and underwriter workbench do get in touch.
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About the author
Max Deacon, Principal
Max has joined Oxbow Partners from Oliver Wyman and is our lead on digitally-enabled transformation topics in specialty. His recent experience includes a multi-year process to build an end-to-end underwriting tech infrastructure for PE-backed London and Bermuda insurer/reinsurer.
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